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Aspo: Sailing towards open waters - Nordea

Aspo's Q4 beat expectations, with a strong ESL Shipping recovery. Aspo finished an exceptional year with a strong performance and positive outlook, as customer activity seems to be picking up both in ESL Shipping and Telko. Aspo issued positive full-year guidance for 2021, while we expect it to reach its 6% EBIT margin target in 2022 – a year ahead of plan. Debt remains high, but solid cash flow should ensure deleveraging in the absence of major investments in the coming years. On our new estimates, we calculate a fair value range of EUR 8.0-10.0 (7.1-9.0) per share.

Aspo's Q4 beat expectations, with a strong ESL Shipping recovery. Aspo finished an exceptional year with a strong performance and positive outlook, as customer activity seems to be picking up both in ESL Shipping and Telko. Aspo issued positive full-year guidance for 2021, while we expect it to reach its 6% EBIT margin target in 2022 – a year ahead of plan. Debt remains high, but solid cash flow should ensure deleveraging in the absence of major investments in the coming years. On our new estimates, we calculate a fair value range of EUR 8.0-10.0 (7.1-9.0) per share.
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